Via an e-mail received from Macquarie:
"We're increasing the interest rate on our Macquarie Savings Account to 5.00% p.a. for balances up to $1m.
You’ll continue to enjoy no deposit conditions, an award-winning digital experience and supercharged account security.
There’s nothing you need to do – this new rate will be automatically applied to your savings account from Thursday 17 October 2024.
Alongside the increased savings rate, we're reducing the interest rate for our Macquarie Transaction Account. The new rate of 2.75% p.a. is market-leading for our award-winning transaction account and will be effective from Thursday 17 October 2024."
Macquarie Savings Account new interest rates:
Balances up to $1m 5.00% p.a.
Balances above $1m 2.75% p.a.
Macquarie Transaction Account new interest rate:
2.75% p.a.
@jaypow: Not to mention there are better options than ING from an interest rate or convenience point of view.
ME Bank gives 5.55% and only has a $2k deposit and (lesser) growth requirement.
ubank does 5.5% and only has a $500 deposit requirement so one can still take money out.
And for savings accounts that you can direct debit or transfer to other banks from, AMP Saver will allow this despite their website saying they don't. They pay 5.2% up to $250k.
If one had more than $200k to put into a savings accounts, one could quite easily divide that amount up between the above banks, schedule automatic monthly transfers and just leave the savings accounts on autopilot.
ING is doable in autopilot as the 5 card transactions can be achieved via card direct debits I hear but it's the dicking around to keep the balance under $100k that is annoying. This, along with ubank's no growth requirement makes ubank the better option for a savings account.